December 11, 2012 / 8:41 PM / in 5 years

Accor sees 185 mln eur debt hit after unfavourable tax ruling

1 Min Read

PARIS, Dec 11 (Reuters) - Accor said on Tuesday its year-end debt will be weighed down by a 185 million euro ($240 million) charge after France's highest court reduced the hotel group's entitlement to a tax refund.

In a ruling issued on Dec. 10, the French Supreme Court cut a distribution tax refund Accor received in 2007, reversing previous rulings by two lower courts.

As a result, Accor will have to repay 149.7 million euros plus late interest in an amount that remains to be determined, the hotel group said in a statement.

This repayment will have an estimated 185 million euro negative impact on the group's net debt at year end, Accor added.

The company said it was looking at any further legal actions that may be available before European courts.

$1 = 0.7693 euros Reporting by Elena Berton; Editing by M.D. Golan

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below